December 2013

Colombia's central bank held its benchmark lending rate steady at 3.25 percent for a ninth straight month as expected on Friday after a pick up in economic growth on strong consumer spending and as inflation remains at a six-decade low. The seven-member board will probably hold off making any directional decisions until the first few months of next year to gauge how the 200 basis points shaved from lending rates between July and March impact full year economic growth. "The tone of the statement was favorable," said Marisol Torres, an analyst at Helm Bank, regarding the bank's outlook on growth.

Colombia's economy grew by a faster-than-expected 5.1 percent in the third quarter, compared with the same period of 2012, the government said on Thursday, supporting the market view that the central bank will hold borrowing costs steady for a ninth straight month.

The Colombian economy grew much faster than expected last quarter as construction spending soared and the agriculture and mining sectors rose at a healthy pace, according to data released by the government Thursday.

With more than 5,000 attendants and dozens of powerful films and documentaries, last year's Colombian Film Festival held in New York City was a big success, bridging Colombians from all over the U.S. to those from their home country and celebrating the talent and creativity from the South American actors and directors.

Colombia’s economic growth accelerated in the third quarter, led by construction and agriculture, after the central bank cut interest rates seven times in the nine months through March. Gross domestic product expanded 5.1 percent from a year earlier, compared with a revised 3.9 percent in the second quarter, the national statistics agency said today in Bogota. The expansion was faster than the 4.3 percent median forecast of 31 analysts surveyed by Bloomberg. GDP expanded 1.1 percent from the previous quarter.

Colombia hopes to raise $2.6 billion dollars by auctioning more than 22 million hectares for oil exploration and production in 2014, the National Hydrocarbons Agency (ANH) said. The Colombian oil sector has attracted a large influx of foreign direct investment in the last decade. The auctions, which the ANH announced on Tuesday night, are part of Colombia's strategy to increase production and crude oil reserves.

The Governments of the United States and Colombia will hold the first meetings of the Environmental Affairs Council and the Environmental Cooperation Commission December 18-19, 2013. The Council and Commission were created through the United States - Colombia Trade Promotion Agreement Environment Chapter and the associated United States-Colombia Environmental Cooperation Agreement, respectively.

Growers from Colombia’s Alto Sinú zone in the department of Córdoba have managed to successfully ship regular papaya lots to the Canadian market since October, where they plan to slowly expand their presence while also opening up new markets. Frandy Group manager Francisco Osorio, whose company exports the fruit, told www.freshfruitportal.com Colombia had shipped 120 metric tons (MT) of papayas to Canada so far.

Colombia’s economy grew close to 5 percent in the third quarter from a year earlier, according to preliminary figures seen by Finance Minister Mauricio Cardenas, led by construction and a recovery in coffee farming.

These fruits are mainly exported to markets such as Ecuador and the European Union. Furthermore, Colombian passiflora producers are currently seeking to take advantage of the Free Trade Agreements (FTA) with countries such as the United States in order to enter new markets successfully.

Colombia's economy grew 4.4 percent in the third quarter versus a year ago, the fastest expansion in more than a year, and a level that may prompt the central bank to hold the benchmark lending rate steady this week, according to a Reuters survey on Monday.

Colombia is celebrated for five things: gold, emeralds, coffee, flowers and beautiful people, my tour guide explains. That’s all true. But there’s also so much more to enjoy in this South American republic, from historic fortresses and churches to stylish hotels and a growing restaurant scene.

According to the publication’s travel advice columnist and consumer news editor Wendy Perrin, 2014 will belong to South America, with countries like Brazil, Peru, Chile and Colombia on many a globetrotter’s to-do list.

Totó La Momposina, the great singer of Colombian traditional music, received a lifetime achievement award at the Latin Grammys last month. But the 73-year old artist said the prestigious prize belonged less to her than to the centuries-old culture and music she represents – and the generations of Colombians who created it.

Fitch Ratings raised its credit ratings on Colombia, pointing to the country's positive government debt dynamics and its growth potential. Fitch, which boosted the foreign issuer default rating by one notch to triple-B, also revised the country's ratings outlook to stable from positive. The ratings firm initially raised its outlook on Colombia in March, citing its increased resilience to external shocks due to strengthening external accounts and favorable government debt dynamics.

President Juan Manuel Santos talks about the trade agreement between the U.S. and Colombia. Santos also talks about the fight on global terrorism and whether a peace deal is achievable with the rebels.

President Barack Obama congratulated Colombian President Juan Manuel Santos Tuesday on taking bold steps toward peace in his country and praised a U.S.-Colombia trade agreement that has increased commerce between the two countries by 20 percent. Santos hailed relations between the two governments, noting that security and drug trafficking no longer dominate talks like in the past.

The recently enacted free-trade agreement between the U.S. and Colombia has led to immediate economic benefits for both nations, President Obama said Tuesday after a meeting with Colombian President Juan Manuel Santos.

President Obama told Colombian counterpart Juan Manuel Santos on Tuesday that he supports new peace talks with rebel forces in Colombia. While "it is not easy," Obama said that Santos is doing the right thing in seeking "a lasting and just peace" with the Revolutionary Armed Forces of Colombia (FARC).

President Barack Obama and Colombian President Juan Manuel Santos said the free trade accord that took effect last year has been a boon for both countries and that relations are at a high point. Concluding an Oval Office meeting, Obama also lauded the Colombian government’s “bold” efforts to make peace with Marxist rebels to end a half century of bloodshed, steps that are essential to economic growth.

Sometimes it is easy to forget that the bond between the United States and Colombia goes well beyond the familiar issues that have been recycled in headlines over the course of decades. Our strategic relationship is a remarkable story of friendship and respect between two democracies with shared values and mutual interests.

The opening decades of the 21st century have witnessed the dawning of a new Colombia. The nation has turned the tide on a long-running terrorist insurgency to achieve a level of security and stability that has given birth to one of the region’s most dynamic economies. Colombia moved from isolation to regional leadership.

Colombia state oil firm Ecopetrol (NYSE: EC) approved US$10.6bn of investment for next year, with 61% (US$6.46bn) to be directly invested by Ecopetrol and 39% (US$4.13bn) through its affiliates and subsidiaries, the company said in a press release.